Annual report pursuant to Section 13 and 15(d)

PREFERRED STOCK

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PREFERRED STOCK
12 Months Ended
Apr. 30, 2023
Equity [Abstract]  
PREFERRED STOCK

NOTE 11 – PREFERRED STOCK

 

The Company has authorized 10,000,000 shares of preferred stock, with a par value of $0.0001, of which one share had been designated as "Series A Preferred Stock" as of April 30, 2022. As of April 30, 2023 and 2022, there were no shares of preferred stock issued and outstanding.

 

The description of the Series A Preferred Stock below is qualified in its entirety by reference to the Company’s Articles of Incorporation, as amended.

 

The Series A Preferred Stock has the following features:

 

  · There is one share of preferred stock designated as Series A Preferred Stock;
     
  · The Series A Preferred Stock has a number of votes at any time equal to the number of votes then held by all other shareholders of the Company having a right to vote on any matter plus one.  The Certificate of Designations that designated the terms of the Series A Preferred Stock cannot be amended without the consent of the holder of the Series A Preferred Stock;
     
  · The Company may redeem the Series A Preferred Stock at any time for a redemption price of $1.00 paid to the holder of the share of Series A Preferred Stock; and
     
  · The Series A Preferred Stock has no rights of transfer, conversion, dividends, preferences upon liquidation or participation in any distributions to shareholders.